PRECIOUS-Gold steadies near two-week low as focus remains on U.S.-China talks

(Adds detail, analyst comment, updates prices)
* U.S. consumer confidence data due at 1500 GMT
* Palladium touches highest in three weeks
* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl

By Eileen Soreng
Nov 26 (Reuters) - Gold was steady on Tuesday as traders
awaited further developments in the trade negotiations between
the United States and China while a firm equities market kept
bullion near a two-week low hit earlier in the day.
Spot gold XAU= was steady at $1,454.67 an ounce at 1340
GMT. U.S. gold futures GCcv1 edged down 0.2% to $1,454.50.
"Markets are on standby," said FXTM analyst Lukman Otunuga,
adding that everyone is waiting for further developments after
news of a phone call between the two sides in an effort to
secure a so-called Phase 1 deal.
China's Vice Premier Liu He, U.S. Trade representative
Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin
held a phone call on issues related to Phase 1 agreement on
Tuesday, China's commerce ministry said. Global equities edged off their highest in almost two years
but kept record levels in sight after the latest signs of a
potential end to the U.S.-China trade war. MKTS/GLOB
More trade optimism should be enough to send gold towards
$1,430, but if there's more time wasting or investors are left
empty handed, that should elevate gold prices towards
$1,465-$1,475, Otunuga added.
Gold earlier touched its lowest since Nov. 12 at $1,451.15,
having posted losses in the previous four sessions.
"We're now back around the $1,440-$1,460 support zone,"
OANDA analyst Craig Erlam said in a note. "A break of this would
be very significant and could potentially open up a move back
towards the $1,400 area."
Investor focus will now turn to U.S. consumer confidence
data due at 1500 GMT.
U.S. Federal Reserve Chair Jerome Powell on Monday said that
officials had a favourable outlook on the U.S. economy but will
"respond accordingly" if economic data leads to a "material
reassessment" of their outlook. The central bank cut interest rates three times this year
before pausing. Gold, considered a safe asset in times of political and
economic uncertainty, has gained more than 13% this year, mainly
because of the tariff dispute and its impact on global economic
growth.
Elsewhere, China's net gold imports via traditional conduit
Hong Kong slipped for a second straight month in October, data
showed, dropping to the lowest level since July amid tepid
demand. Among other precious metals, silver XAG= was up 0.1% at
$16.92 an ounce.
Palladium XPD= dipped 0.2% to $1,794.18, having earlier
htouched its highest since Nov. 4 at $1,818.54, while platinum
XPT= gained 0.2% to $898.53.